American Breakfast is a famous fast-food stall in Kuala Lumpur. Due to recent pandemic, the owner must take a loan to maintain his profit. Below are the details of his personal loan:

Mortgage Amount RM50,000

Interest Rate (per year) 3.00%

Number of months (loan) 60 months

Monthly payment ?

a. Calculate the monthly payment (nearest 2 decimals) for the loan based on the above data.

b. What would be the interest rate (nearest 2 decimals) if the monthly payment is RM950.00

c. If the interest is 6% p.a. and the monthly payment is RM1,400.00 for 60 months, how much would be the Mortgage amount (nearest 2 decimals)?

d. Compared to (c) above, if the interest rate is 3.5% p.a., how much can the mortgage reduce with a monthly payment of RM1,000.00 for 60 months?

e. Copy and paste your solution onto the word document as Q5.